The long-term economic development of Luxembourg

The term "Glorious Thirties", often used to characterize the economic development in post-war Europe to the first oil crisis in the mid-1970s, also applies to Luxembourg. The rate of GDP growth was around 4% (average annual growth) from 1960 to 1974. But unlike what happened in most other European countries, these "Glorious Thirties" were followed in Luxembourg, after the crisis years 1975-1985, by what might be called the "Splendid Twenties”. According to STATEC, the average annual growth, from the mid-1980s to 2007, reached 5.3% in the Grand Duchy whilst EU-15 only reached 2.3%. The recent economic crisis is reflected by a zero annual growth rate from 2008 to 2011.